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If there was a Phrase of the Year Award for our profession, “client experience” would win in a runaway.
And for good reason. As competition will increase, it is vitally important that financial advisory firms use every tool at their disposal to differentiate themselves from other money management providers. Those tools include the ability to provide a superior client experience.
Unfortunately, based on my conversations with practitioners across our profession, there is a dissonance between our desire to provide a great client experience and our understanding of what that constitutes. More than once, during discussions of the client experience, I wanted to say to my colleagues, “I’m sorry, but you keep using that phrase. I do not think it means what you think it means.”
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